Aug 18, 2007

NovaStar – When Things Get Tough, The Tough Get Going

NovaStar Financial Inc. announced a staff reduction of 500 and as stated in their August 17, Press Release; CEO and President of their Mortgage lending unit, David Pazgan will also get going.

The company said that 70 of the 545 workers will be released from their headquarters in Kansas City and they will also be closing their wholesale loan origination groups in Independence, Ohio and Lake Forest, California.